8889 Form

8889 2024 Form: What You Should Know

Jan 13, 2024 — In this example, line 13 is used. There's a catch—there is no tax deduction for the employer's contribution. If you're using another form, you might want to be sure you know how to use it before you take it. How to Take Form 8889 Deductible HSA Contributions The rules for paying for medical expenses in a Roth HSA change if you have an HSA tax-deductible contribution. For example: if you have an HSA and an after-tax medical payment (see below), the following rules apply: Medical Payment Deduction Medical Payment Deduction: An HSA contribution is a medical expenses deduction if, at the end of the tax year, you (a) have an HSA and (b) are eligible to contribute to an HSA. Note: HSA contribution amounts have changed significantly in 2024 from the 2024 to 2024 tax year, see the 2024 HSA contribution limits and the 2024 HSA contribution guidelines. Medical expenses. Health insurance premiums, including deductibles and coinsurance, are considered ordinary income and are not allowable deductible donations. Deductible expenses include payments by an uninsured recipient to a health provider for medical care. Medical expense deductions are allowed only if the total cost of medical care covered by the HSA exceeds its deductible as a medical expenses deduction. A health care provider is any health insurance company or health care clearinghouse engaged in the business of providing medical care to individuals. The following examples are from the HSA tax form. Example. You pay 200 out of your HSA each month for medical care. The following month, you go to the doctor, and you are billed 75 because you went to the doctor for two days in a row. Deduct the cost of 75 from your HSA to pay for your doctor bill. Do not include your medical expense deduction in your income, but do claim it on Form 1040. Example. You had an HSA and paid for medical care for a family member. At the end of that tax year, you had 400 in HSA for medical care for yourself and another 2,000 in HSA deductions. Your 2,000 HSA deductions were not allowed because you failed to include them on Form 1040. Example: In 2018, you had a medical treatment at a medical facility.

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